Southwest Airlines Co. (LUV Quick QuoteLUV - Free Report) is a low-cost passenger carrier that provides scheduled air transportation in the United States. Earlier, it completed the acquisition of AirTran Holdings, which now operates as a wholly owned subsidiary.

Currently, Southwest Airlines has a Zacks Rank #5 (Strong Sell), but that could definitely change following the carrier’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:

Earnings: Southwest Airlines’ second-quarter earnings per share (on an adjusted basis) of $1.19 per share fell short of the Zacks Consensus Estimate of $1.22 per share. Earnings, however, expanded 15.5% on a year over year basis.

SOUTHWEST AIR Price and EPS Surprise

SOUTHWEST AIR Price and EPS Surprise | SOUTHWEST AIR Quote

Revenue: Southwest Airlines reported revenues of $5,384 million edged past the Zacks Consensus Estimate of $5,372 million. Revenues increased 5.3% on a year over year basis.

Key Stats: In the reported quarter, revenue per available seat mile (RASM) stood at 14.09 cents, up 0.6% year over year. Moreover, the carrier anticipates RASM to decline in the band of 3% to 4% in the third quarter of 2016.

Check back later for our full write up on this Southwest Airlines earnings report later!

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free report >>